Police in India have cracked a crypto Ponzi scheme in the city of Pune that defrauded over 8,000 investors, seizing nearly $2 million worth of bitcoin in the process.
According to a news report from The Times of India, police have been on the trail of the scammers since January and have now arrested the scam’s ringleader, Amit Bhardwaj, and ten accomplices for their fraudulent activities. Bhardwaj and his brother, who was also implicated in the case, were taken
from Dubai to Delhi where they will now stand trial.
Bhardwaj owned a company called GainBitcoin that promised investors 10% returns in order to lure them into the crypto Ponzi scheme. Bhardwaj and his accomplices used the money to live the life of luxury and their ill-gotten gains on partying to attract even more victims.